Company Valuation: Kendrion N.V.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 312.4 232.9 182.3 161.2 221.3 286.5 - -
Change - -25.45% -21.72% -11.58% 37.28% 29.44% - -
Enterprise Value (EV) 1 443 373.2 327.3 264.6 251.6 321.3 313.8 301.3
Change - -15.76% -12.29% -19.16% -4.91% 27.68% -2.31% -3.99%
P/E 21.7x -5.02x 18.6x -35.9x 11.3x 13.7x 13.3x 12.1x
PBR 1.41x - 1.07x 1.03x 1.43x 1.79x 1.72x 1.61x
PEG - 0x -0x 0x -0x 1.2x 4.59x 1.2x
Capitalization / Revenue 0.67x 0.45x 0.35x 0.53x 0.9x 1.11x 1.06x 1.02x
EV / Revenue 0.95x 0.72x 0.63x 0.88x 1.02x 1.24x 1.17x 1.07x
EV / EBITDA 7.94x 6.5x 6.16x 7.15x 6.6x 7.47x 6.85x 6.18x
EV / EBIT 15.8x 12.7x 12.4x 17x 9.94x 10.9x 9.9x 8.75x
EV / FCF 108x 63.3x - 294x 12.5x 14x 14.7x 10.4x
FCF Yield 0.93% 1.58% - 0.34% 7.99% 7.16% 6.82% 9.66%
Dividend per Share 2 0.69 0.72 0.45 0.45 1.45 0.73 0.8033 0.8167
Rate of return 3.28% 4.65% 3.73% 4.33% 10.4% 3.86% 4.25% 4.32%
EPS 2 0.97 -3.09 0.65 -0.29 1.24 1.38 1.42 1.565
Distribution rate 71.1% -23.3% 69.2% -155% 117% 52.9% 56.6% 52.2%
Net sales 1 464 519.3 518.5 301.5 245.5 259 269.2 281.4
EBITDA 1 55.8 57.4 53.1 37 38.1 43 45.83 48.79
EBIT 1 28 29.4 26.3 15.6 25.3 29.4 31.69 34.45
Net income 1 14.4 -46.3 9.9 -4.5 19.5 18.95 21.6 23.8
Net Debt 1 130.6 140.3 145 103.4 30.3 34.79 27.35 14.82
Reference price 2 21.05 15.50 12.08 10.40 14.00 18.90 18.90 18.90
Nbr of stocks (in thousands) 14,841 15,026 15,093 15,500 15,807 15,157 - -
Announcement Date 2/25/22 2/28/23 2/28/24 2/28/25 2/26/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.7x1.24x7.47x3.86% 332M
18.07x1.23x9.58x2.05% 42.2B
14.91x0.69x5.1x3.87% 34.05B
12.22x0.58x5.09x3.82% 31.36B
8.86x0.53x6.78x1.69% 27.41B
14.39x2.63x9.05x4.22% 20.37B
30.49x1.2x12.74x0.6% 18.11B
10.6x0.5x4.85x3% 17.54B
13.45x1.37x7.1x4.09% 16.37B
47.55x5.2x36.34x0.76% 14.94B
Average 18.42x 1.52x 10.41x 2.8% 22.27B
Weighted average by Cap. 17.35x 1.32x 9.36x 2.76%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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